Primanex Taps Gold Mine

FREMONT, Calif. -- Primanex Corporation, a leading provider for solid-state fiber optical switches, announced today the establishment of a joint venture company, the Primanex China, Ltd., by collaborating with the largest enterprise in the gold mining industry of China, the Zhao Jin Group Company. Primanex and Zhao Jin Group collated this multi-million-dollar venture in China to add a scalable production capacity to Primanex' no-moving-parts Magneto-Optic technology platform. Primanex is in process of transferring the optical switch product line to the said venture company. Primanex' MagLightTM optical switches have successfully passed the Telcordia GR-1073 / 1221 tests and have been shipping to a number of customers from the company's Fremont headquarter since then. Primanex' CEO, Dr. Theodore Young, commented on this business decision: "We are happy with the promising way the market responses to our products, which are based on a practical and deliverable technology. As our MO switch replaces the traditional devices with a much more stable performance and extremely good reliability, we see the need to secure a production base and guarantee our customers a steady volume supply. We are very pleased to win a strong partner such as the Zhao Jin Group that, literarily, owns a gold mine. " Primanex Corp.